UniCredit Loses $24.7M Lawsuit For Missing Oil Cargo

2 years ago justice

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By Silvia Martelli (April 28, 2022, 5:39 PM BST) — UniCredit Financial institution AG has misplaced its $24.7 million damages lawsuit in opposition to the homeowners of a ship, as a courtroom dominated on Thursday that they aren’t accountable for the financial institution’s losses after hundreds of metric tons of oil disappeared after arriving at a United Arab Emirates port.

Decide Clare Moulder stated on the Excessive Court docket that this didn’t trigger any loss to the financial institution even when Euronav NV had did not require the manufacturing of the invoice of lading when delivering the oil. UniCredit had already accepted that the cargo wouldn’t be discharged into storage on the United Arab Emirates port…

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